GBS - Expats moving to Vietnam will find a robust economy with plenty of opportunities Vietnam is an attractive destination for entrepreneurs looking to set up their own business. Vietnam has a relatively robust economy which has experienced steady growth since the 1990s. While it did feel the effects of the global economic downturn, Vietnam made a rapid recovery and continues to offer a lot of potential for foreign investors.
- Do not compensate anyone for promises – compensate them only for provable performance.
GBS - Choosing the perfect business structure for your new business can seem a little daunting. The incorporation process is riddled with cumbersome legal jargon, and it’s enough to confuse even the sharpest of entrepreneurs.
GBS - Vietnam company registration is difficult for foreign investors because of complex licensing procedures, and differences in local language and culture. That said, economic reforms and international integration are attracting foreign investors, export-orientated manufacturing industries. With an ample amount of cheap labor supply, Vietnam is a great option for investors who want to expand their business in Asian market.
GBS - The number of foreign laborers coming to Vietnam has steadily increased in recent years, surging to over 88,000 workers at the end of 2012. The large majority of foreign workers that come to Vietnam are employees of foreign contractors, working for, or establishing, foreign direct investment (FDI) projects.
Our lawyers and practitioners have maintained an investment consulting practice since 2002 placing us in the best position to advise and provide comprehensive services to foreign investors on the establishment and operations of their investment projects in Vietnam, as well as to provide legal advice on all aspects of the Vietnamese law on investment. Foreign individuals or entities can take advantage of our comprehensive services as follows:
What counts as a business expense in Vietnam?
One of the perks of running a business is that you can deduct common expenses so long as they qualify. The General Tax Department, Ministry of Finance defines an eligible business expense as ordinary and necessary—essentially, something that’s common in your particular area of business and needed to efficiently do business, such as a truck for a moving company.